Wrigley profit declines on charges, margins

DanBurrows

NEW YORK (MarketWatch) -- Wm. Wrigley Jr. Co.
wwy
said Tuesday that second-quarter income fell to $140.6 million, or 51 cents a share, from $162.4 million, or 57 cents, a year ago. Excluding restructuring charges and stock-option expense, earnings would have been 56 cents a share. Sales for the three months ended June 30 rose to $1.21 billion from $1.04 billion in last year's second quarter. Analysts polled by Thomson First Call, on average, forecast earnings of 55 cents a share on sales of $1.19 billion. The Chicago gum and candy maker said results were hurt by charges, lower margin contributions from the Altoids and Life Savers brands acquired last summer and tough year-ago comparisons.

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